Show notes
GUEST BIOChris Grenzig is an asset manager of Toro Real Estate Partners. Before he was involved in real estate, he took a job as a soccer coach after he earned his bachelor degree in business management. When he realized that he missed New York, he went back and after realizing that coaching was not the best fit for him anymore so he went on and took another job as a cold caller in a stock brokerage company. He quickly realized that being in the stock brokerage game didn’t bring much fulfillment. He also quickly realized that the products he was selling - he wouldn't sell to a family member. Unlike the investments that he does in multifamily today.Join us today as he shares value with the community and describes his transition dating back to trying to flip homes back home to coaching soccer, to working on wall street to finally making it to fulfilling the position as the asset manager that he is today.FOUNDATION02:10 Background of the guest - Chris Grenzig12:14 Finding somebody who’s already doing it, and doing it successfully17:58 Difference between learning theoretically from boots on the ground21:12 Transitioning from 8 units to bigger units - Cap Rate25:02 What makes something a good asset28:19 Discount factors32:31 What is an asset manager37:10 Different roles of an asset manager39:50 Relationships between GP, asset manager and syndicator when raising capital45:47 Experiencing different things in a company49:40 Exit strategy for business planKEEPING IT REAL57:45 Biggest misconception that most people have1:01:37 Worst advice receivedANSWERS TO THE RAPID FIRE QUESTIONS IN THE SHOW:1:06:44 Favorite thing to do - Underwriting a new deal1:07:21 Best Habit - writing things down as reminder1:07:45 Best tool - monday.com1:08:17 Favorite influencer - Garyvee1:08:50 One 300 unit apartment vs 3 apartments of a 100 units - 3 apartments 100 units1:10:39 Class A or Class C - Class C1:10:59 Self managed or Outsource - self managed1:12:05 One super power1:14:24 Describe a successful investorNOTABLE QUOTES (KEY LESSONS):“If you’re somebody that’s doing it at least moderately well, it's better than not knowing what we’re doing at all.”“Make the mistake, learn why it’s a mistake, and then do your best not to replicate them again.”“ What we are really dealing with is basic Math, adding, subtracting, dividing and multiplying, but it's about getting the right information and plugging the information into areas that make sense.”“Real Estate in general is a long game, it’s a game that also takes money”CONNECTING WITH THE GUESTWebsite: www.tororep.comPodcast: www.thereiexp.com/podcastFacebook | Instagram | YouTube | LinkedIn#ExperimentAssestManager
